Stockholders' Equity (Tables)
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6 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
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Schedule of Designated Preferred Units |
As of June 30, 2024, the Company has designated the following preferred stock: | | | | | | | | | Designated Preferred Shares | | June 30, 2024 | Series A | | 4,200 | | Series B | | 2,360 | | Series C | | 590 | | Series D | | 10,000 | | Series E | | 40,000 | | Series E-1 | | 12,960 | | Series F-1 | | 24,900 | | Series F-2 | | 24,900 | | Series F-3 | | 34,860 | | Series F-4 | | 24,900 | | Total | | 179,670 | |
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Summary of Avenue Warrant Valued Using the Black-Scholes Option Pricing Method |
The Company values stock options using the Black-Scholes option pricing model and used the following assumptions, on a weighted-average basis, during the reporting periods: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Expected terms (years) | 5.5 | | 5.7 | Expected volatility | 114.3% | | 161.6% | Risk-free interest rate | 4.22% | | 3.94% | Expected dividends | 0.00% | | 0.00% |
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Summary of Stock Option Activity |
The following is a summary of stock option activity for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price Per Share | | Weighted Average Grant Date Fair Value Per Share | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | Outstanding at January 1, 2024 | 4,183,232 | | $ | 8.17 | | | $ | 7.60 | | | 8.3 | | $ | 147 | | Granted | 2,213,096 | | 5.01 | | | 4.09 | | 9.5 | | | Exercised | (32,300) | | | 5.22 | | | 4.15 | | | | | 60 | | Expired | (46,956) | | 8.63 | | | 8.34 | | | | | Cancelled/Forfeited | (184,958) | | 5.88 | | | 5.49 | | | | | Outstanding at June 30, 2024 | 6,132,114 | | $ | 7.11 | | | $ | 6.41 | | | 8.4 | | $ | 12,902 | | | | | | | | | | | | Exercisable at June 30, 2024 | 2,995,121 | | $ | 8.95 | | | $ | 8.17 | | | 7.4 | | $ | 3,443 | | Unvested at June 30, 2024 | 3,136,993 | | | $ | 5.36 | | | $ | 4.73 | | | 9.3 | | $ | 9,459 | |
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Summary of Stock Option Shares Outstanding and Exercisable |
The following table summarizes information for stock option shares outstanding and exercisable at June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | Range of Exercise Prices | | Outstanding Number of Options | | Weighted Average Remaining Option Term (in years) | | Number of Options | $2.83 - $51.50 | | 6,131,615 | | 8.4 | | 6,131,615 | $51.50+ | | 499 | | 3.8 | | 499 | | | 6,132,114 | | 8.4 | | 6,132,114 |
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Summary of Recognized Share-based Compensation Cost |
The following is a summary of share-based compensation expense in the statement of operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (In thousands) | 2024 | | 2023 | | 2024 | | 2023 | Selling, general and administrative | $ | 1,930 | | | $ | 911 | | | $ | 3,971 | | | $ | 2,099 | | Research and development | 895 | | | 651 | | | 1,543 | | | 1,068 | | Cost of goods sold | 244 | | | 99 | | | 500 | | | 155 | | Total | $ | 3,069 | | | $ | 1,661 | | | $ | 6,014 | | | $ | 3,322 | |
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Summary of Warrant Activity |
The following is a summary of common stock warrant activity for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | Warrants | | Weighted Average Exercise Price | | Weighted Average Remaining Life (in years) | Outstanding at January 1, 2024 | 4,665,201 | | $ | 7.76 | | | 1.6 | Warrants issued1 | 1,008,102 | | 0.01 | | | | Warrants exercised | (1,308,473) | | | 0.01 | | | | Outstanding and exercisable at June 30, 2024 | 4,364,830 | | | | 1.1 |
1All warrants issued in 2024 have been exercised and therefore have no remaining life. The following is a summary of preferred stock warrant activity for the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | Warrants | | Weighted Average Exercise Price | | Weighted Average Remaining Life (in years) | Outstanding at January 1, 2024 | 24,900 | | | $ | 1,000 | | | 2.3 | Warrants issued | — | | | | | | Warrants exercised | (250) | | | 1,000 | | | | Outstanding and exercisable at June 30, 2024 | 24,650 | | $ | 1,000 | | | 1.8 |
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Schedule of Information Related to Stock Warrants Outstanding and Exercisable |
The following table presents information related to common stock warrants outstanding at June 30, 2024: | | | | | | | | | | | | | | | | | | | | | Warrants Exercisable | Range of Exercise Prices | Outstanding Number of Warrants | | Weighted Average Remaining Warrant Term (in years) | | Number of Warrants | $0.01 | 737,421 | | 3.1 | | 737,421 | $6.00 | 16,666 | | 1.8 | | 16,666 | $10.00 | 3,610,743 | | 0.7 | | 3,610,743 | | 4,364,830 | | 1.1 | | 4,364,830 |
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